FOURTH QUARTER FINANCIAL REPORT 2015/2016
TCIG delivered another solid quarter, resulting in an overall fiscal position that was more favourable than the original and revised estimates for the year. This was largely due to the extraordinary returns in areas such as Import Duties, Hotel& Restaurant Tax and Stamp Duty on Land Transactions; while appropriate legislative compliance measures continued to be enforced, as well as emphasis continued on adherence to both the Public Finance Management and the Public Procurement Ordinances.
Fourth Quarter results recorded a surplus $10.3 million resulting in a total surplus of $68.6 million for the year ended March 31, 2016.
Recurrent Revenues for the fourth quarter totaled $70.7 million. Total Recurrent Revenues for the year of $259.8 million, recorded a favourable variance of 12% ($27.9 million) against the budgeted amount, while realizing a growth of 5% when compared to the previous year. The variances are attributable largely to the following items:
Growth in Import Duties which totaled $67.3 million at the end of the fourth quarter; up 12% from the budgeted amount.
Strong Performance in the Real estate sector with Stamp duties on Land Transactions, totaling $26.9 million for the year, being 45% above budget.
Favourable results from the Hospitality sector, recording $58. 2 million at year end for Hotel & Restaurant Tax.
Recurrent expenditure made up somewhat for previously shortfalls during the fourth quarter, being up 33% ($14.0 million) from the budgeted amount. Full year expenditure however, was 6% ($11.8 million) below budget, while recording a growth of 14% over last year's outturn.
The total amount spent on capital projects at the end of the fourth quarter was $11.6 million representing a $14.8 million or 56% shortfall from the budgeted amount of $26.4 million. This $14.8 million however, will be retained in the Development Fund to cover the cost of projects that were deemed committed as of March 31, 2016.
Major projects during the year included:
$2.2 million spent on Long Bay High School Phase 2
$2.0 million Spent on Repairs to the Causeway Bridge
$0.5 million spent on repairs to the Wellness Centre on the island of Grand Turk
$0.5 million spent in on various Carnival infrastructure projects
$0.4 million spent on Glass Shack road development
TCIG's total outstanding debt as of March 31, 2016, was $44.3 million; including $28.0 million borrowed from Royal Bank of Canada during February as part of a refinancing arrangement and a $5.0 million Policy Based Loan received from the Caribbean Development bank during March.
"With the help of our taxpayers, vendors, civil servants and lenders we have managed to advance many of our projects that focused on infrastructure within the islands and the education sector, while delivering a budget surplus for FY 15/16. However, TCI we must not become complacent, there is still much work ahead of us, as we continue our work in ensuring sustained economic stability and also the continual improvement of the standard of living of all residents of our islands" stated the Hon. C Washington Misick.
Turks & Caicos will be hit, if the EU is dumped by British
The state opening of Parliament in the United Kingdom featured Queen Elizabeth II – with all of the pageantry – reading the Speech from the Throne and it was one of the biggest events held yesterday.
The global attention comes because this session is expected to focus significantly on the fate of the relationship between the UK and the European Union; there is a strong push recently for the United Kingdom to dislodge itself from the European Trade Bloc and this will no doubt impact all of the overseas territories.
While the Turks and Caicos is miles and miles away from the debates and headlines which range over the issue which will be put to the citizens in a Referendum this coming June; it is clear that if the EU is dumped by the Brits it will impact us.
RTC’s affiliate Magnetic Media got the chance to question, His Excellency Peter Beckingham, who is of the country on vacation, replied and agreeing that the matter made the agenda of a recent OTs Governors' meeting.
Speaking officially, the Governor shared: "It is something that some Governors have discussed in the Caribbean, most recently at a meeting in March, and of course something we would need to consider." End quote. While the EU Grants operational in the TCI are assigned for up to 2019, H.E. pointed out, in the long term the outcome will have effect.
As recently as February, Finance Minister Hon Washington Misick touted the EDF 10 and EDF 11 funds from the European Union; together the grants amount to over $25m Euros or over $28 million US dollars.
Governor Beckingham stated that the "British Government's clear position is in favour of staying" with the European Union.
The Premiers Road Show
Premier the Hon. Dr. Rufus Ewing was this morning joined by Hotel & Tourism Association; Turks & Caicos Invest Agency and TCI Airports Authority for the announcement of the Premiers Road Show which hits five cities in five days starting this Sunday!
Attending press Conference, our affiliate Magnetic Media told RTC News that the team will touch town in Los Angeles, California as the third stop; Villa Del Mar, Alexandra Resort and the investment agency as stakeholder travellers plus uniformity with tailored travel luggage.
New York, Chicago, Dallas & Houston are also stops for the Team TCI delegation with a cameo planned for the Today show at 30 Rock in Manhattan.
The Premier will be interviewed on the Today Show rated #1 in the USA.
"The road show is a strong alliance between private and public sector and it is a springboard for the industry."
The Tourism Minister, Porsha Smith, says her drive will be the luxury dive experiences in South Caicos and Grand Turk.
We’ll share more from the road trip through our affiliate who will be travelling and filming each leg of the tour.
TCIPS crowned National High School Spelling Bee 2016 Champions
Students from 11 government and private high schools throughout the islands took part in the 2016 Spelling Bee competition held in Provo.
The students have been busy for weeks maneuvering how they’re going to out-perform their colleagues to win this year’s Spelling Bee.
At the start of the opening ceremony, Mins for Education, the Hon. Akeirra Missick welcomed all the spellers highlight familiar faces from previous competitions.
Rachel Harvey was the emcee; she gave us a summary of the eliminations.
Rachel provided the results of the final 3.
They were, the defending champions BWIC, followed by Clement Howell & TCIPS.
Congratulations to TCIPS the 2016 spelling bee champions.
Six vie for the title of Miss TCICC 2016
The Turks and Caicos Islands Community College will present Miss TCICC 2016 under the theme ‘Fusion’.
This year’s event promises to be a flavourful mix of talent, intelligence, style and tributes. The contestants will come from both the Grand Turk and the Providenciales Campus for the first time ever since the event debuted in 2013.
The Pageant will be held on the lawn of the Grand Turk Campus under the canopy of twinkling stars and fresh, cool ocean breezes. The six beautiful ladies will be displaying their talents during the opening performance, beach wear, talent, sponsor tribute and question/evening wear segments. “Our pageant always features beautiful ladies so they are all winners in that category” remarked Jason Henry, Pageant Director.
“As a tertiary institution of the Turks and Caicos Islands we have consciously developed segments that allow our young ladies to express themselves in a charming, intelligent and respectable manner and we always aim to deliver a quality event to our supporters” he ended.
The viewing audience will behold the six beauties in the following order:
1. Ms. Lu-dina Fulford sponsored by Margaritaville
2. Ms. Sha-mese Hutchinson sponsored by Coxco
3. Ms. Dak-handra Fulford sponsored by Caicos Express
4. Ms. Jude-lyn McIntosh sponsored by Pizzazz Accessory Chest
5. Ms. Zahria Williams sponsored by Grand Turk Liquors
6. Ms. Ern-artra Ewing sponsored by Digicel TCI
The Grand Turk Community will get another sneak peak of the contestants later on today when they make a lunch-time appearance at Margaritaville.
Deseree Adams spent some time with the ladies yesterday as the made courtesy calls with the Government bodies, she told us about the stops.
TCI Weather Forecast
TONIGHT’S WEATHER: FAIR AND WARM TONIGHT.
OVERNIGHT LOW TEMPERATURE 73 °F 23 °C
FORECAST FOR SATURDAY
WEATHER: PARTLY TO MOSTLY CLOUDY PERIODS WITH SOME SCATTERED SHOWERS OR ISOLATED THUNDERSTORMS MAINLY ACROSS THE NW BAHAMAS. SUNNY AND HOT ELSEWHERE.
WINDS :SW TO W AT 15 TO 20 KNOTS ACROSS THE EXTREME NW BAHAMAS AND VARIABLE AT 10 KNOTS OR LESS OVER THE REST OF THE BAHAMAS.
SEAS: 4 TO 6 FEET OVER THE EXTREME NW BAHAMAS AND TCI 1 TO 3 FEET.
EXTENDED FORECAST: A COLD FRONT WILL ENTER THE EXTREME NORTHWEST BAHAMAS BY LATE SUNDAY AND PRODUCE CLOUDINESS AND SOME CONVECTIVE ACTIVITY MAINLY ACROSS THE NORTHWEST BAHAMAS.
Extended Access of Upcoming Rio 2016 Olympic Games Broadcast by FLOW
In the spirit of the Olympic Games, Flow – the Official Broadcast Partner and Exclusive Telecommunications Partner of Rio 2016 Olympic Games –announced today that it will extend access of its broadcast rights to the upcoming Rio 2016 Olympic Games to facilitate other providers throughout the Caribbean to air the event.
This means that Flow, the region-leading residential quad-play provider, will not enforce black outs of Olympic broadcasts on competitive platforms. All operators however, will be required to black out NBC's coverage of the Games, due to territorial rights issues.
"We are proud to be the Official Broadcast Partner and Exclusive Telecommunications Partner of the Olympic Games in the region, through our partnership with CANOC, the Caribbean wide broadcast rights holder” said James Tooke, SVP of Media & Content Cable & Wireless. “We have invested significantly to ensure that, working with CANOC, we help transform how the region can access the Olympics. As part of this investment we will introduce new features, options and channels for our customers as well as support CANOC as in a number of their development programs throughout the region.
James added that we also recognize that these Games are important to the Caribbean and that the entire region should be able to share in the Olympic experience. Therefore, it is also important that the Over the Air stations and other providers can show Olympic content across the region.”
This means that sports fans across the Caribbean will be able to watch the Olympic Games on Over-The-Air stations, such as Jamaica’s TVJ, Trinidad’s TV6, and The Bahamas’ ZNS with providers other than Flow, as well as on ESPN.
Cleveland Cavaliers Force Decider
Steph Curry was ejected for throwing his mouthguard into the crowd as the Cleveland Cavaliers beat his Golden State Warriors side 115-101 to force a decisive game seven in the NBA finals.
After fouling out late in the fourth quarter, a frustrated Curry threw his mouthguard, which hit a supporter.
The 28-year-old apologized to the fan before leaving the court in Cleveland.
Victory in Oakland on Monday would make the Cavaliers the first team to win the finals having trailed 3-1.
It would also be their first NBA title.
"I had some stuff I wanted to get off my chest," said Curry, who top scored for his side with 30 points. "It was just frustration and I thought it was kind of hilarious how the last two fouls kind of unfolded."
Warriors coach Steve Kerr added: "He gets six fouls called on him; three of them were absolutely ridiculous. I'm happy he threw his mouthpiece."
LeBron James scored 41 points for the Cavaliers and Kyrie Irving added 23 in front of a home crowd at the Q Arena.
Golden State set an NBA record of 73 wins in the regular season.
Williams took part in the Usain Bolts Racers Club Competition
TCI’s Golden Boy Delano Williams took part in the Usain Bolts Racers Club competition in Kingston Jamaica last weekend.
Williams took on the Jamaicans in the 400m race and ran in a time of 45.50 seconds beating Christopher Taylor with a time of 45.66 seconds and third was Jonia McDonald with a time of 46.01.
The record is 43.18, in speaking with Rita Gardiner as she prepares for Rio, Gardiner added that she believes that Williams can run faster and will be ready for tryouts in the next coming weeks.
She added that he has already qualified for the 4x400 but is working on the 200m.
Missing Teenager named Coree Robinson
The Royal Turks & Caicos yesterday had issued an apb on a missing teenager named Coree Robinson.
PRO for the police informed RTC that the teenager is back home safe and sound.